Housing inventory is officially on its longest downward stretch in two decades, with 11 percent less homes on the market year-over-year in June, according to the latest data preview from realtor.com®. Prices in June were 9 percent higher than those one year ago, with the national median at $275,000 and the national median age of inventory at 60 days.
“We have now gone 24 months in a row seeing the number of homes drop on a year-over-year basis, the longest streak in more than two decades,” says Javier Vivas, manager of Economic Research at realtor.com. “More markets than ever are struggling with inventory problems; in 80 percent of markets, there are fewer homes for sale currently than this time last year.
“It’s good to see that more homes are coming onto the market, but the bulk of those homes are too pricey for the largest, most desperate group of buyers. With no clear indication that newly-built homes will be able to provide short-term relief soon, there appears to be no end in sight for the inventory shortage. The market will likely remain very challenging for would-be buyers throughout the summer.”
The housing markets ranking in realtor.com’s Hotness Index for June:
- Vallejo-Fairfield, Calif.
Median Age of Inventory: 31 days
- San Francisco-Oakland-Hayward, Calf.
Median Age of Inventory: 29 days
- Kennewick-Richland, Wash.
Median Age of Inventory: 34 days
- Sacramento-Roseville-Arden-Arcade, Calif.
Median Age of Inventory: 34 days
- Columbus, Ohio
Median Age of Inventory: 37 days
- Detroit-Warren-Dearborn, Mich.
Median Age of Inventory: 37 days
- Boston-Cambridge-Newton, Mass.-N.H.
Median Age of Inventory: 37 days
- Colorado Springs, Colo.
Median Age of Inventory: 33 days
- San Jose-Sunnyvale-Santa Clara, Calif.
Median Age of Inventory: 27 days
- San Diego-Carlsbad, Calif.
Median Age of Inventory: 37 days
For more information, please visit www.realtor.com.
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